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What Happened to Goldman Sachs: An Insider’s Story of Organizational Drift and Its Unintended Consequences
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In What Happened to Goldman Sachs, Columbia Business School professor and former Sachs executive Steven Mandis charts the evolution of Goldman Sachs from an ethical standard to a legal one and uncovers the forces behind what he calls Goldman's "organizational drift". Drawing from his firsthand experience; sociological research; analysis of SEC, congressional, and other filings; and a wide array of interviews with former clients, detractors, and current and former partners, Mandis exposes the pressures that forced Goldman to slowly drift away from the very principles on which its reputation was built.
Combining insightful analysis with engaging storytelling, Mandis has written an insider's history that offers invaluable perspectives to business leaders interested in understanding and managing organizational drift in their own firms.
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Audible Audiobook
Listening Length: 10 hours and 53 minutes
Program Type: Audiobook
Version: Unabridged
Publisher: HighBridge, a division of Recorded Books
Audible.com Release Date: April 30, 2014
Whispersync for Voice: Ready
Language: English, English
ASIN: B00JELNMKG
Amazon Best Sellers Rank:
The book poses a question on the Goldman Sachs culture change, how and why – over the time from the private partnership to when the firm went public. Was the cultural shift related to company’s structural transition or it was unavoidable? The author mentions two explanations of the change: the initial hypothesis was that the culture was changing because of the shifts in organizational structure brought on by the transformation from private partnership to publicly traded company. The second hypothesis was related to Lloid Blankfein taking over CEO role, changing Goldman culture to trading-oriented overtime. Always putting client’s interests first meaning has transformed overtime and slowly shifted to implying the need to assume ONLY the legally required responsibility to clients. The law of large numbers made it harder to be as selective with each client as it used to be during the private partnership times. A higher ethical standard shifted to a more legal standard. A legal standard allowed Goldman to increase the available opportunities for growth. Goldman’s Mortgage Compliance Training manual from 2007 noted that putting clients first is not always straightforward, which indicates a pure transition in the meaning from the original first principle. Additionally, Lewitt has challenged the “client first†principle as “it doesn’t recognize the reality of the trading businessâ€, he also noted, that there are no clients in sales and trading – only buyers and sellers. Shifting to larger numbers was rapidly changing the culture. The responsibility for the client interests was no longer prioritized. The first principle had long-term benefits for Goldman in 1987 on the underwriting of sale of BP. Short term loss over the long term ambition was considered to increase Goldman’s share of the privatization business in Europe.There is no clear conclusion if the cultural change was for better or worse. The changes were happening as a result of pressures as an unnoticeable slow process. The firms role in the financial crisis was arguable, as Goldman was simply acting as a market maker, partnering buyers and sellers of securities, there were no regrets of any wrong doing in the crisis or for the way it treated its clients. Accepting the fact, that Goldman and other financial institutions (GS clients and others) plays a role in the economy, its important that leaders and managers consider the danger of the rapid growth. Public and regulators should be concerned, as important financial institutions might pose the risk to the economic system by acting within their best interests.
From the perspective of someone who has worked at several banks over a 10+ year career, I found the book to be extremely informative both as an assessment of the cultural and structural changes within Goldman but also as an inside look as to what differentiates Goldman from the other. I agree with the writer’s thesis that both the IPO and the transition to a trading-oriented culture under the leadership of Lloyd Blankfein may seem like the obvious reasons for cultural change within the organization. They are clearly two events that affected Goldman to a significant extent but they are not the root cause of organizational drift within the firm. Ultimately, I agree with the writer’s conclusion that “Different elements of its culture and values changed at different times, at different speeds, and at different levels of significance and response to organizational, regulatory, technological, and competitive pressures.â€From the writer’s conclusion, I believe that the most significant contributor to the organizational drift was the change in culture at the firm. Goldman has always been a firm that attracts the best and brightest and is filled with highly motivated and ambitious employees. Historically, Goldman’s culture adhered closely to its core principles and there were tangible and immediate consequences for violating those principals. For most of its history, as the firm grew and employees came and went, the core principles remained the same as did employee’s seemingly steadfast recognition and observation of the core principles. Though as the company began to grow more rapidly ahead of the IPO and in the subsequent years, both in terms of revenues and employees (by total number and geographic footprint), it appears that the hitherto unwavering compliance with the core principals began to erode. New employees were seemingly not indoctrinated to the extent they once were and the firm as a whole was less committed to the core principles (i.e., the reliance on the legal standard by which to put client’s interests first compared to the firm’s historical precedence of going above and beyond the minimum legal requirement). I believe that dilution or drift in culture is inevitable once a company gets to a certain size, especially when the company’s was incredibly strong to begin with and Goldman was no exception.Lastly, I think that another significant reason for organization drift within the firm, as was discussed in the book, was the change in short-termism compared to the firm’s historic preference to be “long-term greedy.†As was discussed in the book, I agree that this was largely due to the transition of the firm from a private partnership where the Partners owned 100% of the firm and had personal liability to a public corporation where the partners owned 11.5% of the firm and had limited liability. I would be curious to know if the firm ever considered implementing the “10/20/30/40†compensation structure proposed by Peter Weinberg. I believe that this could help shift the focus back towards “long-term greedy†though I wonder how much employee attrition there would be and if they firm would be able to attract the “best and brightest†as it has historically aimed to do (especially in an environment where many potential employees are opting for the tech sector).
Organizational drift is part of a general shift that occurs as a result of growth is an organization. Anything that grows evolves; shift or drift? - it depends on the point of view. I consider shift the better description of what happened at Goldman Sachs. I see the message of the book in a larger contect of Wall Street and the financal industry.The client focus of Whitehead (in 1979) was a mission then of Goldman Sachs when it was a partnership. Today Goldman Sachs is two things: Trading and Investment Banking and "making money with money", clients and counterparties. This is the reality of the 21st century.Talking about drift: what about Bear Stearns, Lehman et all? Goldman Sachs grows and evolves and grows, rather than going down the tube!Amazon carries great books on Goldman Sachs (see Ellis and Cohan). "What it takes" by Ellis gives a very good background of what is to be knownabout Goldman Sachs; it is the best alongside with William Cohan "Money and Power". I recommend these two books highly. And read Mandis also, but with a critical mind; and see the shift NOT the drift and get to an understanding of Goldman Sachs.I was with a member firm in the Sixties when Gus Levy was runnning Goldman Sachs. When Gus was at the office it was all about money: we lost the trade!! Who crossed the trade! Why did it get away from us?As you can read: I am high on Goldman Sachs.
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